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How has the business advisory market changed in recent years?

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The business advisory market is constantly evolving, driven by changes in technology, regulation, client expectations, and competition. As a business owner or manager, you need to stay on top of these trends and opportunities to make informed decisions and grow your business. In this article, we will explore how the business advisory market has changed in recent years and what you can do to adapt and thrive.

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Nikolas Tsokas

??A Results-Driven Director | Leading Transformations | Driving Operational Excellence in 3-d secure/ Payments/ FIs |…

1 The rise of digital platforms

One of the most significant changes in the business advisory market is the emergence and growth of digital platforms that offer online access to various services, such as accounting, tax, legal, marketing, and strategy. These platforms enable clients to find, compare, and hire advisors on demand, without the need for long-term contracts or physical meetings. They also offer lower costs, faster delivery, and more transparency than traditional models. However, they also pose challenges for advisors, who need to differentiate themselves, maintain quality standards, and build trust and loyalty with clients.

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2 The shift to value-based pricing

Another major change in the business advisory market is the shift from hourly or fixed fees to value-based pricing, which is based on the outcomes and benefits that advisors deliver to clients. Value-based pricing allows advisors to align their interests with clients, demonstrate their value proposition, and capture a fair share of the value they create. However, it also requires advisors to have a clear understanding of their clients' needs, goals, and challenges, as well as the ability to measure and communicate their impact and results.

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Nikolas Tsokas

??A Results-Driven Director | Leading Transformations | Driving Operational Excellence in 3-d secure/ Payments/ FIs | Agile & Waterfall Maestro | MBA, M.Ed, B.Eng, PMP?, IPMA?, PSM II?
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Value-based pricing encourages customization of services to meet specific client needs. Effective communication becomes crucial in value-based pricing. Advisors need to articulate the value they bring in a compelling manner, showcasing the direct impact on clients' business outcomes. In addition Implementing clear performance metrics is essential.

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3 The demand for niche expertise

The business advisory market is also becoming more specialized and segmented, as clients look for advisors who have deep knowledge and experience in specific industries, functions, or issues. This means that advisors need to focus on their core competencies, develop their niche expertise, and communicate their unique selling points. It also means that advisors need to collaborate and network with other professionals who can complement their skills and offer holistic solutions to clients.

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Nikolas Tsokas

??A Results-Driven Director | Leading Transformations | Driving Operational Excellence in 3-d secure/ Payments/ FIs | Agile & Waterfall Maestro | MBA, M.Ed, B.Eng, PMP?, IPMA?, PSM II?
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The demand for niche expertise arises from the recognition that certain industries or business challenges require highly specialized knowledge. Advisors with specific skills and experience in these niche areas can offer unique insights and solutions.

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4 The importance of sustainability

Another key trend in the business advisory market is the growing importance of sustainability, which refers to the social, environmental, and economic impact of businesses. Clients are increasingly looking for advisors who can help them address sustainability issues, such as reducing their carbon footprint, improving their social responsibility, and enhancing their governance and ethics. Advisors who can offer sustainability services can gain a competitive edge, attract new clients, and create long-term value. However, they also need to have credible credentials, follow best practices, and adhere to relevant standards and regulations.

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Nikolas Tsokas

??A Results-Driven Director | Leading Transformations | Driving Operational Excellence in 3-d secure/ Payments/ FIs | Agile & Waterfall Maestro | MBA, M.Ed, B.Eng, PMP?, IPMA?, PSM II?
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Sustainability involves promoting practices that consider environmental and social impacts. Business advisors can guide clients on adopting eco-friendly initiatives, ethical sourcing, and socially responsible business practices, aligning with the growing global emphasis on corporate social responsibility (CSR).

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5 The need for innovation

The business advisory market is also facing the need for innovation, which means finding new ways to solve problems, create value, and deliver services. Innovation can involve developing new products, services, or processes, using new technologies or tools, or adopting new business models or strategies. Advisors who can innovate can stand out from the crowd, meet changing client expectations, and create new opportunities. However, they also need to have a growth mindset, embrace experimentation and learning, and invest in research and development.

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6 The challenge of talent management

The final change in the business advisory market that we will discuss is the challenge of talent management, which refers to the attraction, retention, and development of advisors. Talent is the most valuable asset of any advisory firm, and it is essential to have a skilled, motivated, and diverse team of advisors who can deliver high-quality services and satisfy clients. However, talent management is also a complex and costly process, which involves recruiting, training, rewarding, and retaining advisors, as well as managing their performance, feedback, and career paths.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How has the business advisory market changed in recent years?

1

2

3

4

5

6

7

1 The rise of digital platforms

2 The shift to value-based pricing

3 The demand for niche expertise

4 The importance of sustainability

5 The need for innovation

6 The challenge of talent management

7 Here’s what else to consider

Business Services

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How has the business advisory market changed in recent years?

1

2

3

4

5

6

7

1 The rise of digital platforms

2 The shift to value-based pricing

3 The demand for niche expertise

4 The importance of sustainability

5 The need for innovation

6 The challenge of talent management

7 Here’s what else to consider

Business Services

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